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Friday, 29 January 2010 18:21

Green Tax Credits for the Existing Home Owner

Written by  Sarah Perkins
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If you’re an existing home owner and are considering energy-efficient improvements this year, there are several options that you may want to consider.

The three major tax credits are listed below.  Before making your purchases, remember to research the specific product and make sure the manufacturer qualifies for the energy-efficiency rating under the IRS specifications.

  1. The IRC 25C credit for non-business property expands from 10% to 30% of qualifying improvements in 2010, with a lifetime cap per taxpayer of $1,500. Qualifying improvements include installing insulation materials; exterior windows and doors; central air conditioners; natural gas, propane, or oil water heaters or furnaces; hot water boilers; electric heat pump water heaters; certain metal roofs and stoves; and advanced main air circulating fans. These improvements only qualify if they are made to existing homes.
  2. An IRC 25D credit is also available for qualified fuel cell systems installed in the taxpayer’s primary residence. Unlike other residential energy efficient systems, fuel cells are limited to $500 per half-kilowatt of capacity.
  3. A 30% credit is available for geothermal heat pumps, solar panels, solar water heaters, and small wind energy systems. This credit applies to the cost of labor and installation, as well as the cost of the equipment in connection with any residence used by the taxpayer.
Last modified on Friday, 30 July 2010 09:44
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Sarah Perkins

Sarah Perkins

Sarah Perkins, a sustainability engineer, spends her time educating construction professionals on the social and economic benefits of understanding and implementing sustainable building techniques.  She’s studied in Denmark with leading sustainability experts, investigating functioning methods for sustainable living, including: passive and active solar technologies, wind turbines, biogas digestion, humanure utilization, greywater restoration, and much more.  Her knowledge and experience in the field led to her position as Construction Manager for the Cliff Village Greenhouse Project, in which Sarah and co-inventor Joe Blundell built the first prototype for a self-heating greenhouse.  This initial prototype, which was later developed into the C.O.R.E. Building Technology, melded together Sarah’s construction and management skills in communication, engineering, and design, with her agriculture skills in organic farming, humanure composting, and edible landscaping.  After further design development, Sarah founded Sustainable Living Systems, Inc., a green-construction and design firm offering The C.O.R.E. Home

Website: www.thecorehome.com/

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